A Commercial Variable Recurring Payment (C‑VRP) is an Open Banking recurring payment that lets you make regular payments from your bank account into InvestEngine.
I’m a new customer, do I need to do anything different?
No. If you’re setting up a recurring payment for the first time, you’ll simply follow the normal steps in the InvestEngine app/website to authorise with your bank.
I’ve paid InvestEngine before, does that mean I already have a mandate?
Not necessarily. You may have paid by bank transfer or Direct Debit previously.
You only need to think about “mandates” if you are (or were) using Open Banking recurring payments.
I already have (or had) another Open Banking recurring payment with InvestEngine- what happens now?
You’ll be prompted to set up a new C‑VRP in due course, it means you’re authorising a new Open Banking recurring payment mandate.
Depending on your setup, you may have:
- One recurring payment to one portfolio, or
- More than one recurring payment (e.g., multiple portfolios, or multiple bank accounts).
The app/website will guide you through what you’re setting up.
Can I have more than one recurring payment mandate?
Some customers may have more than one recurring payment arrangement (for example, one per portfolio, or one per bank account). If you set up more than one recurring payment, you may see more than one mandate.
Does this affect Direct Debits?
No. C‑VRP is an Open Banking payment method. Direct Debits are managed separately.
Will the customer journey change?
No. There is no change to the customer experience expected for new mandates, the process to set up a recurring payment remains the same.
Which banks does this apply to?
InvestEngine is enabling new mandate creation for C‑VRP for banks including:
- NatWest banking group
- Santander
And then other banks such as:
- HSBC
- Lloyds
(Availability depends on when each bank enables C‑VRP.)
Will my recurring payments be slower?
No. Payment speed should remain consistent with Open Banking guidelines.
Do I need to wait until a certain date to set up a new recurring payment?
You can set up a new C‑VRP once your bank has enabled C‑VRP. Banks are enabling this on different dates, and timings can change.
Where can I get help?
If you have any questions while setting up your recurring payment, contact our support team at support@investengine.com and we’ll help.